28 March 2024
Mosman Oil and Gas
Limited
("Mosman"
or the "Company")
Progressing Helium and
Hydrogen Exploration in EP 145
Mosman Oil and Gas Limited (AIM:
MSMN) the hydrocarbon, helium and hydrogen exploration,
development, and production company, provides and project update on
its Australian project EP 145, (Mosman
holds a 100% interest), where it continues to work to secure all
required approvals for the next step of exploration.
A Farmout Agreement was signed with
a subsidiary of Greenvale Energy (ASX:GRV) in October 2023, whereby
GRV can earn a 75% interest by funding seismic acquisition and
drilling a well (to a cap of AUD 5.5 million). This currently
remains subject to completion pending ministerial approval. GRV
have advised that recent meetings with NT departments were
positive, and the project remains on track. To avoid any concerns
that there was a date when either party could terminate the
Farm-in, the parties have agreed to extend that date to 30 April
2024.
Two wells have been drilled in EP
145 in the 1980's, both encountered hydrocarbons but were not
tested for hydrogen or helium which were not identified in the
basin until the mid-2000's. Those wells which have tested for
helium have demonstrated significant helium content at various
structural levels.
All existing seismic data in the
permit has been reprocessed by Mosman and a large structure, which
may be an extension of the West Walker anticline, identified.
A Prospective Resource estimate for EP-145 was published by
Mosman in October 2022 and is detailed below.
Prospective Resources
(Bcf)
|
Low
Estimate
|
Best
Estimate
|
High
Estimate
|
Total
Gas
|
12
|
440
|
2,290
|
Helium
|
0.3
|
26.4
|
229
|
Hydrogen
|
0.24
|
26.4
|
275
|
The seismic acquisition programme is
planned for the first half of 2024, with results due and a well
location announced before end of Permit Year 3 in August 2024,
followed by drilling in the following Permit Year.
As Greenvale notes in its ASX
announcements, helium has a "Surging Price and
Fast-Growing Market" and
"The global helium market is
forecast to grow from US$5 billion in 2023 to over US$8 billion by
2030 with a current price of USD 450/Mscf."
Greenvale also notes "Amadeus Basin has some of the highest
concentrations of helium globally, as well as confirmed hydrogen
accumulations."
· EP 145 sits within
recognised play fairways for helium and hydrogen and contains
proven hydrocarbon discoveries
· Lies on-trend with the
producing Mereenie Oil & Gas Field
· Successful helium wells
located along the margins of the Amadeus Basin at Mt Kitty-1 and
Magee-1
· Existing pipeline
infrastructure to Australian East Coast provides opportunity for
early commercialization
Andy Carroll, CEO of Mosman
commented: "We are pleased to see
continued progress in EP 145 where we see potential for helium and
hydrogen as well as proven hydrocarbons."
Market Abuse
Regulation (MAR) Disclosure
The information contained within this announcement is
deemed by the Company to constitute inside information as
stipulated under the Market Abuse Regulations (EU) No. 596/2014
('MAR') which has been incorporated into UK law by the European
Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this
information is now considered to be in the public domain.
Enquiries:
Mosman Oil & Gas Limited
Andy Carroll
CEO
acarroll@mosmanoilandgas.com
|
NOMAD and Joint Broker
SP Angel Corporate Finance
LLP
Stuart Gledhill / Richard Hail /
Adam Cowl
+44 (0) 20 3470 0470
|
Alma
Justine James / Will
Merison
+44 (0) 20 3405 0205
+44 (0) 7525 324431
mosman@almastrategic.com
|
Joint Broker
CMC Markets UK Plc
Douglas Crippen
+44 (0) 020 3003 8632
|
Updates on the Company's activities
are regularly posted on its website: www.mosmanoilandgas.com
Notes to
editors
Mosman (AIM: MSMN) is an oil exploration,
development, and production company with projects in the US and
Australia. Mosman's strategic objectives remain consistent: to
identify opportunities which will provide operating cash flow and
have development upside, in conjunction with progressing
exploration of existing exploration permits. The Company has
several projects in the US, in addition to exploration projects in
the Amadeus Basin in Central Australia.